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Thursday, February 21, 2008 

Stocks to watch tomorrow - HPQ, CSIQ, BAC, AMZN

Chart courtesy of stockcharts

Amazon shares lost 5 percent of their value on today session with high volume. In a Form 4 filed with the SEC, Jeffrey P. Bezos reported he sold 1.85 Million shares for $73.21 apiece on Friday, causing some panic on investors, which generally is not a good news for market and shareholders. The technical chart shows weakness as the stock is trading below major moving averages. In addition, MACD is losing ground and is approaching of the sell signal. Another negative indicator is KD where K line is below D line which could mean more share price decline. First support is now at $67.22.

Chart courtesy of stockcharts

BAC - The daily chart shows that the stock is moving in sideways since the beginning of February. Stock closed today below its 20-day moving average near the bottom of the channel. Macd Fast line crossed below 0 line or macd slow line, below 0. Indicates start of a new downtrend. Watch for a breakdown of the channel mentioned above, for a possible short position. RSI is also declining.

Chart courtesy of stockcharts

CSIQ - The stock is moving in an upward channel since the low of $15 made in January. However I'm a little worried with fact that all indicators are appointing for a possible breakdown of the channel, so if you're long on this stock, hold with a stop-loss at $19,67.

Chart courtesy of stockcharts

HPQ - The 200 day moving average is acting as resistance on HPQ. This stock keeps having good earnings and has had some great runs in the past. Maybe it is about to start another one. Buy point would be on the day it blows through its 200 day moving average on heavy volume.

Disclaimer : Trading stocks involves risk, this information should not be viewed as trading recommendations. The charts provided here are not meant for investment purposes and only serve as technical examples.

That's All. Have a nice evening !!!


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About Me

  • I'm a 48 year old Independent Trader using proprietary technical analysis with more than 20 years experience of investing in the US stock markets. I started this blog in 2006 simply as a way to share my thoughts about capital, risk management, and trading. My blog contains only my personal opinion and is provided for informational purposes only.

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